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A Down Day

It is widely believed the Fed is near the end of its tightening campaign, a campaign that has sent rates logarithmically higher from 0.00% in March 2022 to

Second Quarter GDP Surprised on Upside

Second quarter GDP rose at a 2.4% annualized rate, above the consensus view of 1.8%.  The GDP deflator rose at a 2.2% rate, well below the consensus of 3.0% and the core rate was 3.8% also below

There is More Than One Ceiling

The debt ceiling is dominating today’s headlines.  House Speak McCarthy has gone on record saying that the limit on the government’s borrowing must be raised this week to avert a